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Volume III, Tab 1 <br />MEMORANDUM OF LEASE OF RESERVOIR COMPANY SHARES <br />THIS MEMORANDUM OF LEASE AGREEMENT OF RESERVOIR COMPANY SHARES, <br />dated effective the / day of ,RUjjK!( -- , 2014, is by and between Bowie Resources, <br />LLC, whose address is P.O. Box 1488, Paonia, CO 81428 (hereinafter referred to as "Bowie") <br />and Triple D Water Ranchers LLC, whose address is 27497 Buffalo Road, Hotchkiss, CO 81411 <br />(hereinafter collectively referred to as "Lessor"). <br />Whereas, Lessor owns or controls a total of 600 shares of the capital stock of the Overland Ditch <br />and Reservoir Company, represented by Triple D Water Ranchers LLC operating document. <br />These shares shall be referred to herein as the "Overland Shares." <br />The Lessor in consideration of the terms and agreements contained in the document titled Lease <br />of Reservoir Company Shares (the "Lease Agreement') dated effective the .15 day of <br />-ftbly <br />�, 2014, granted unto Bowie the permission to lease and use the Overland Shares by <br />releasing the Overland Shares into the Terror Creek drainage at any time deemed necessary by <br />Bowie. <br />The lease and use of said Overland Shares are subject to all the terms and conditions of the Lease <br />Agreement, reference to which should be made for a complete statement of rights and <br />obligations of Bowie and the Lessor. Should there be any discrepancy between this <br />Memorandum of Lease of Reservoir Company Shares and the Lease Agreement, the Lease <br />Agreement shall control. <br />The term of the Lease Agreement shall be for a period of five (5) years, which shall commence <br />on March 1, 2015 and continue until March 1, 2020, at which time Bowie shall have the option <br />to extend the Lease Agreement for an additional five (5) years, unless terminated earlier as <br />provided for in the Lease Agreement. <br />A copy of the Lease Agreement may be found at the hereinabove mentioned office of Bowie. <br />This Memorandum of Lease of Reservoir Company Shares and the unrecorded controlling Lease <br />Agreement shall be binding upon each party who executed it, regardless of whether it be <br />executed by all parties named herein. This original instrument and duplicate copies hereof may <br />be executed by one or more parties, in which event each instrument shall have the force and <br />effect of an original. <br />1 of 2 <br />